Source: Zhiche Technology

On October 11, Tianyancha information showed that Shanghai Gree Automobile Technology Co., Ltd. was officially established, with Zhong Chengbao as the legal representative and a registered capital of 20 million yuan. It is reported that the company is located in the Lingang New Area of China (Shanghai) Free Trade Pilot Zone and belongs to the industry of technology promotion and application services. Its business scope involves the research and development of automotive parts, manufacturing of automotive parts and accessories, manufacturing and sales of industrial robots, and research and development of intelligent robots, without involving the manufacturing of complete automobiles.

According to equity information, Shanghai Gree Automobile Technology Co., Ltd. is jointly held by Gree Electric Appliances' wholly-owned subsidiary, Zhuhai Gree Intelligent Equipment Co., Ltd., and Shanghai Jieyingtu New Materials Technology Co., Ltd.

As the head of Gree, Ms. Dong's dream of building cars has surfaced again.

After the news was exposed, many people speculated that Ms. Dong might be preparing for a "second car-making venture".

Some industry experts analyzed that this move was to pave the way for the future development of Gree Titanium and further strengthen Gree's layout in the automotive industry chain and energy storage industry. Once related industries and supporting facilities mature, Gree may focus all resources on vehicle manufacturing.

Ms. Dong's cross-border car-making journey has been full of twists and turns.

Ms. Dong's car-making plan can be traced back to 2016. At that time, she set her sights on the unfamiliar field of new energy and chose new energy buses as the entry point.

On October 28, 2016, at the extraordinary general meeting, minority shareholders voted down Ms. Dong's proposal to build cars.

Image | Yinlong Aifei emblem with one more ring than the four-ring emblem

"Why did (shareholders) oppose it? Because they are shortsighted and only look at the immediate benefits. If the acquisition is successful, I might work harder, and if it's not, I'll do less. But we must build new energy vehicles!" On December 15, 2016, Ms. Dong bet her entire fortune on investing in Yinlong New Energy in her personal capacity and brought in neighboring Lao Wang and upstairs Lao Liu and other star companies to jointly invest in Yinlong. They jointly invested 3 billion yuan in Yinlong New Energy, with Ms. Dong becoming the company's second-largest shareholder with a 17.46% stake.

By 2021, Gree Electric had successfully acquired a 30.47% stake in Yinlong New Energy Co., Ltd. through judicial auction and renamed the company Gree Titanium New Energy Co., Ltd. However, Gree Titanium's progress in the vehicle manufacturing field has been disappointing. Although the company has launched a variety of products, including new energy buses, hydrogen fuel cell buses, new energy MPVs, minivans, and pure electric van-type logistics vehicles, its sales and market recognition have not met expectations, and its performance has been disappointing.

In terms of battery technology, it is well known that there has been controversy in the industry about the lithium titanate battery technology mastered by Yinlong. It is understood that the main drawback of this battery technology is its low energy density, approximately 80~110wh/kg, which limits the battery's capacity and driving range. As a niche technology, it is more suitable for specific niche markets, especially for heavy-duty industrial applications such as rail transportation, ports, public transportation, and shipping, but less suitable for electric vehicles. The true application scenario for lithium titanate batteries should be in energy storage rather than passenger vehicles.

Recently, fast-charging batteries have made rapid progress with high energy density and low cost, leaving lithium titanate anode batteries at a disadvantage. The real bottleneck for Gree's new energy bus manufacturing is the high price of Gree Titanium's new energy buses and the fact that the lithium titanate battery technology used is not the mainstream technology route in the current power battery market.

In terms of energy storage, after acquiring Yinlong New Energy, it debuted with a new brand name "Gree Titanium" and became an important part of Gree's layout in the new energy and energy storage fields. Gree has been layout ing energy storage in recent years and has continued to make efforts in the energy storage market.

Energy storage is considered a critical challenge on the path to the development of new energy vehicles, and its technological development and application are also regarded as a highly potential area in the new energy vehicle industry, attracting many domestic and foreign enterprises to compete for entry. Gree Titanium is expected to further develop domestic and international new energy vehicle and energy storage markets with the help of Gree's powerful marketing network and international sales channels. Ms. Dong has always regarded Yinlong as "gold buried in the desert for a long time," and she looks forward to Gree Titanium shining after undergoing a transformation.

Currently, the competition in the new energy vehicle market is extremely fierce. Many domestic and foreign enterprises are increasing their investments to compete for market share. As a latecomer, Gree faces enormous market competition pressure. Moreover, new energy vehicle technology is advancing rapidly, placing increasing demands on R&D investment and technological innovation. Gree needs to make continuous breakthroughs in technological research and development to establish a foothold in the market.

Facing challenges such as fierce market competition and technological barriers, whether Ms. Dong's dream of building cars can continue remains to be verified by time. Nevertheless, we should commend Ms. Dong for her courage and determination and look forward to her creating more brilliant achievements in the field of car manufacturing.